The demand curve for tickets for a Shakira concert is given by: Q = 200 - 0.1P. At a price of $ 30, what is the market consumer surplus? (17 points) $ 0 $ 2,000 $ 1,970 $ 194,045 None of the above 24A local retailer has decided to launch a shampoo brand. The advertising department tells them that the quarterly demand for an average man is: qd = 3 - 0.25P. And the quarterly demand for an average woman: qd = 4 - 0.5P. The market consists of 10,000 men and 10,000 women. How many total bottles of shampoo would you expect to sell on the market if the price per bottle is $ 6: (17 points) 20,000 33,000 25,000 10,000 None of the above 25Consider two goods that are perfect complements. For this pair of goods it is true that when the price of one of the two increases: (17 points) The income effect is always equal to the substitution effect. The income effect is 0. The substitution effect is 0. The two effects cancel each other out. None of the above 26 The price elasticity of gasoline supply in Microland is 0.40. If the price of gasoline goes up 8%, what is the expected change in the amount of gasoline supplied at Microlandia? (17 points) + 3.2% - 3.2% + 32% + 0.32% None of the above 27 Suppose that Jaqueline's Marginal Replacement Rate for works of art (A) and furniture (M) is UMGA / UMGA = - A / 4M, and the relative price is 3/6, a piece of furniture costs $ 30,000 and a work of art it costs $ 60,000. If Jaqueline has an income for these two assets of $ 150,000, the optimal combination of artwork and furniture is: (17 points) 2 works of art and 1 furniture 1 artwork and 2 furniture 6 works of art and 12 furniture 2 works of art and 3 furniture None of the above 28 Linda loves buying shoes and going out dancing. Linda's utility function is U (B, Z) = 2ZB where Z is the number of pairs of shoes and B is the number of times she goes out dancing. It costs Linda $ 50 to buy a new pair of shoes and it also costs her $ 50 each time she goes out to dance. Suppose Linda has $ 500 to spend on these two items. Linda's optimal combination of shoes and dancing is: (17 points) 5 pairs of shoes and 5 outings to dance 3.33 pairs of shoes and 6.66 outings to dance 6.66 pairs of shoes and 3.33 outings to dance None of the above 

29

The effect of the 9/11 attacks that occurred at the World Trade Center on the market for office space in downtown Manhattan was a fall in price and equilibrium quantity. What would you say is the most likely explanation for which change would have been observed? Immersive reader

(17 points)

Supply and demand shifted to the left and the magnitude of the change in demand was greater

Supply and demand shifted to the left and the magnitude of the change in supply was greater

Supply shifted to the left, demand shifted to the right, and the magnitude of the change in demand was greater

Supply shifted to the left, demand shifted to the right, and the magnitude of the change in supply was greater

None of the above

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The substitution effect and the income effect: (17 points) They always move in the same direction They move in opposite directions when good is normal They move in the same direction when the good is normal They always move in the opposite direction None of the above